Amazon's job cuts announced this week delivered another blow to the tech labor force in the company's headquarters city of Seattle, which was already losing jobs, Bloomberg reported Friday (Jan. 30). The 16,000 layoffs included 1,400 in Seattle and 700 in the suburb of Bellevue, according to the report.
Recently, Zacks.com users have been paying close attention to Amazon (AMZN). This makes it worthwhile to examine what the stock has in store.
Amazon.com Inc. (NASDAQ: AMZN) has been one of the stock market's biggest success stories ever.
Amazon.com Inc. is in talks to invest as much as $50 billion in OpenAI and expand an agreement that involves selling computer power to the AI startup, according to a person with knowledge of the matter. OpenAI is also weighing a deal in which Amazon would use the startup's artificial intelligence models, which power the popular ChatGPT chatbot, in its products and platforms, the person said.
OpenAI, a company already valued at $500 billion, has made it known that it's on the hunt for another $100 billion in investment. Such a funding round could lead the company's valuation to shoot up to a titanic $830 billion.
This is a developing story. Check back for updates.
Amazon.com, Inc. remains a Strong Buy, with a $319.56 price target and 32% upside, despite recent underperformance versus the S&P 500. Cloud, AI, and the Kuiper satellite project position AMZN to capitalize on mega trends, driving long-term revenue and margin growth. High capital intensity from AI and cloud investments pressures free cash flow, but robust demand and customer contracts underpin near-term ROI.
Amazon could invest up to $50 billion in OpenAI in coming weeks, source says
Amazon.com Inc (NASDAQ:AMZN) is expected to report fourth quarter results on February 5, with Wedbush analysts noting that investor sentiment has been improving ahead of the release and reiterating an ‘Outperform' rating and a $340 price target. Shares are currently traded at about $240, up about 4% in the year-to-date.
Amazon is in talks to invest as much as $50 billion in OpenAI, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
CEO Andy Jassy is leading the e-commerce giant's negotiations with the ChatGPT maker.
The rivals made billions of dollars in the business over the past year, showing other companies that Nvidia isn't the only game in town.